Elon musk tweets, Dogecoin falls

Tesla and SpaceX CEO caused a huge drop in Dogecoin price after his last tweet. He had previously tweeted and caused a drastic rise in its price.

Share

DOGE has been in the spotlight for the past couple of days and enjoying great popularity which was initially created through a tweet by Mr. Musk. And it saw a sharp increase in its price since that tweet. However, the good days for this coin came to an end with another tweet from him causing a 23% fall in its price.

This drop happened right after Elon Musk criticized DOGE by talking about the distribution of its tokens in his tweet. He also had an offer stating that if huge holders sold their Dogecoins, he would support the coin fully. Here’s the original tweet;

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”

The price of Dogecoin was $0.063 before this tweet and it sank by 23% about 7 hours after this tweet. He had impacted the price of Bitcoin previously, so this is not his first time to influence the crypto market. However, in Monday’s fall, his impact was not as tangible as BTC and DOGE as the global market capitalization saw $103b departing it simultaneously.

As a result of an enormous pullback, altcoins experienced more than 20% loss among the crypto market cap rankings which according to analysts has been because of BTC’s pushing to a new all-time high (ATH).

It’s not easy to determine the exact distribution of a particular cryptocurrency since public blockchains are pseudonymous or anonymous by nature. However, according to a couple of available sources, all the Dogecoin supply is held only by 100 addresses.

Dogecoin founder, Billy Markus, who started Dogecoin as a joke in 2013 from a meme “Shiba Inu dog” has said that he had to sell all his Dogecoin holdings in 2015 when he faced lots of financial difficulties after he lost his job. Going even further, he can’t figure out how the coin that has no value or real utility saw a meteoric rise, he says.

He has a not-so-serious approach towards DOGE but Elon Musk has been messing with Dogecoin through memes. He once appointed himself as Dogecoin CEO.

Categories

Crypto Currency(5)

Latest News

DeFi’s locked ETH is about twice as much as that of the exchanges according to Glassnode

Since the start of 2020, DeFi protocols have had a rise of 75% in their amount of locked ETH while over the same period, centralized exchanges share of ETH has ...

MAY 07, 2021

The proposal to add to staking rewards led to a twofold increase in EOS value

EOS saw a 100% rise in its value after it proposed to add to its staking rewards and raise the inflation rate. ...

MAY 06, 2021

Bitcoin bonuses instead of cash for MicroStrategy board of directors

Paying cash as a bonus seems to be out of the window for the MicroStrategy directors’ board. ...

APR 12, 2021

Once again Ripple triggers a weekend pump and shines among the altcoins

APR 10, 2021 Once again Ripple beats SEC and they celebrate it with a big pump. ...

APR 10, 2021

Tags

Twitter

Dogecoin

Polkadot

Tags

Twitter

Dogecoin

Polkadot